Tax Preparation

Records And Windows

Preparation starts with maintaining records on day-one, i.e.

• social security and tax id number to confirm identity,
• logs and journal entries,
• cash receipt to support deduction such as interest, and credits such as energy tax credit, and
• tracking record for tax extension that defers a filing deadline.

Windows for filing tax return follow reporting periods that vary from 30 days to 9 months. Windows for reporting on tax return close 3 years following the actual date tax return is filed. The 3-year window allows irs time to challenge return accuracy. For this reason, preparation involves much more than filling in a blank form on tax day.

To prepare for tax day, and to protect return accuracy, maintain records for 3-5 years. For business or self employed tax help online, software products provide an excellent record to accomodate records maintenance activities.

For additional preparation help, click on the following topics:

Amended return
Extension
Financial statement

Pose a tax question about records and windows for reporting and filing.

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